AMIT BAJAJ ADVOCATE

Delhi High Court in an important case namely CIT V. Simbhaoli Sugar Mills Ltd. has held that reassessment proceedings u/s 147 cannot be initiated merely  on the basis of  internal audit report objections when no new fact has come to light. This is very important decision as many a times the objections are raised by internal audit department on the Assessment orders.

The implication of this judgement would be that if a case is reopened for reassessment u/s 147 merely on the basis of internal audit report objections, when the assessee has made full disclosure of information in the original assessment proceedings and no new material has come to light then such reopening of case will be a mere change of opinion, for which action u/s 147/148 is not allowed.

Uploading of intra-state transactions (i.e transactions within the state) on the website of Excise and Taxation Department, Punjab, which was made compulsory by Punjab Government w.e.f 01-06-2011 has been suspended.(See earlier issued public notice).

A Public notice to this effect has been issued by the Government today, making it clear that uploading of information of intra-state transaction will not be mandatory rather it will be directory and optional only.